GENERAL COMMENTS
Friday's
ambition quickly ran short as cattle contracts are trading mostly lower
and the lean hog complex traded simply lower from the get-go. The board
may be running out of steam but the industry's cash markets aren't as
easily exhausted this week as the hog market jump almost $2.00 higher
Friday morning and the cash cattle market jumped another $5.00 in the
South Friday morning, pushing prices $15 higher than last week's average
in the Southern Plains. July corn is up 4 1/2 cents per bushel and July
soybean meal is up $3.10. The Dow Jones Industrial Average is up 352.39
points and NASDAQ is up 126.96 points.
LIVE CATTLE
June
and August live cattle contracts are hanging in there while the rest of
the complex trades at least $1.00 lower. June live cattle are up $2.37
at $96.37, August live cattle are up $0.22 at $100.17 and October live
cattle are down $0.67 at $103.27. Given the robust jump the market made
over the last two days it makes sense that trades are leery about
jumping prices higher again heading into the weekend. But regardless of
what the board is doing, cash cattle prices have jumped higher again in
the South. The first round of trade in the South came as a surprise as
prices were $10 higher than last week but another round of fats sold
Friday morning in the South for $115, pushing prices $15 higher than
last week's weighted average.
Boxed beef
prices: choice up $2.86 ($461.40) and select up $3.39 ($451.96) with a
movement of 65 loads (28.74 loads of choice, 5.39 loads of select, 20.18
loads of trim and 10.41 loads of ground beef).
FEEDER CATTLE
Feeder
cattle contracts were leery to push prices much higher than Thursday's
enormous rally and have since tipped the scales lower. May feeders down
$1.95 at $128.32, August feeders down $1.27 at $136.85 and September
feeders down $1.10 at $137.92. The board's regression shouldn't heavily
affect sale barns sales through Friday and Saturday as the day's market
seems to simply be catching its breath after a strong advancement over
the last couple of days.
LEAN HOGS
The
lean hog complex is feeling some pressure around $66.00 and has gently
backed off over the last couple of days. Thankfully the board's timid
action isn't affecting the cash market as prices jumped substantially
higher Friday morning. June lean hogs are down $1.27 at $62.62, July
lean hogs are down $1.92 at $61.57 and August lean hogs are down $2.15
at $60.50.
The projected lean hog index for
5/7/2020 is up $0.78 at $67.00 and the actual index for 5/6/2020 is up
$3.84 at $66.22. Hog prices jumped higher Friday morning, up $1.73 with a
weighted average of $38.38, ranging from $33.50 to $45.00 on 3,062 head
sold and a five-day rolling average of $36.84. Pork cutouts total
184.34 loads with 165.87 loads of pork cuts and 18.47 loads of trim.
Pork cutout values: up $1.20, $117.94.
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